Throwing out tenants property without following proper procedures can come back to bite you when the tenant claims there was a priceless diamond necklace in the end table you carelessly threw away.

Neither will the other title company in town.Here is the timeline on this parcel. 2013 - Collector's Deed issued to the city due to a lien placed on it for the expense of demolition of condemned house2016 - Declared excess property by city2017 - Sold at auction to an acquaintance of ours who intended to build on it9/2018 - Owner changes his mind about building and agrees to sell it to us for $5,000Now, $5,000 is no big risk to worry about someone clouding the title by claiming that proper procedures weren't followed and trying to redeem it, BUT we plan to put about $120,000 into building a duplex on it. 

Voter-approved bonds can increase the 1% base rate, such as bonds providing funding for schools, parks, or other community services.

When the rest of the house is put "in-service" as a rental, you would have more depreciation expense.

Anthony -  thanks for the question … I would recommend that you  contact  your bank  and whomever else you want ...using the same  exact  scenario and questions - outline / ask  whatever questions you have ...maybe gets some  basic  quotes ….once these  conversations are  completed - make a  decision as to whom you want to use for the  pre approval/ pre underwritten process ….. the FHA  product is  very homogenous and  shouldn't  be too much different from one lender to another ….. the  customer service might make a difference

Overall the house has great bones but it will take a few grand to complete the punch list of items needed to remedy: radon mitigation, surface mold in attic, slight leaks at a few easily accessible spots in the roof, electrical service work.

Most yard work is just sweaty.Repiping the house, new electric panel and service, foundation retrofitting, HVAC repair, pouring a new driveway, tree work, exterior paint.

To keep things simple, we stay consistent with our percentage ownership in everything and that is reflected in our K-1s.For additional work I've done for our LLC, we will pay me "management" or "services income" and I get 1099's at the end of the year.

Anyway, here's a couple companies you can report it through: Rent Recovery Services and AOA Debt Reporting Service.Good luck.

Expect this, and know your laws and what procedures you should follow ahead of time.